AIG makes $1.8 billion sale

AIG | November 26, 2019

AIG makes $1.8 billion sale
T&D Holdings has partnered with a newly created fund by The Carlyle Group to acquire a 76.6% ownership interest in Fortitude Group Holdings for about $1.8 billion from AIG. Fortitude Group Holdings’ group companies operate as Fortitude Re. A release said that after the transaction closes sometime in mid-2020 (subject to required regulatory approvals and other customary closing conditions), ownership interests in Fortitude Re will include Carlyle and its fund investors at 71.5%, T&D at 25%, and AIG at 3.5%. AIG will receive a $500 million non-pro-rata distribution, which, if not fulfilled by May 13, 2020 or transaction close, will result in an additional payment from both the Carlyle fund and T&D based on their respective ownership interest in Fortitude Re. Carlyle had previously acquired a 19.9% stake in Fortitude Re in November 2018.

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Trading on the cryptocurrency market has already passed several development stages: from the first centralized exchanges where there were almost no volumes up to several hundred exchanges where the leaders have a turnover that exceeds one billion dollars a day. Recently the US Securities and Exchange Commission (SEC) has authorized trading of Bitcoin futures at the largest US stock exchanges.

Spotlight

Trading on the cryptocurrency market has already passed several development stages: from the first centralized exchanges where there were almost no volumes up to several hundred exchanges where the leaders have a turnover that exceeds one billion dollars a day. Recently the US Securities and Exchange Commission (SEC) has authorized trading of Bitcoin futures at the largest US stock exchanges.

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